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GBPUSD Trades in Favor of the Greenback

After a positive close of the market last session in favor of the US dollar, the GBPUSD is back on trading today with optimistic sentiments from yesterdays’ trading gains. The Greenback is seen to apprehend higher than the British pound with the optimism forming in the consumer confidence that gives the earliest boon to the US dollar. At the same time, the Advance Retail Sales and Retail Sales excluding automobiles posted another expansion with the forecast depicting buoyancy to the Greenback.

In the USD news, the US dollar is seen to outperform the Pound again in today’s trading, taking into account the sanguinity in the preliminary release by University of Michigan about the consumer confidence regarding spending. The preliminary reading about consumer confidence this March is estimated to expand by 77.0 percent in which the advantage can provide a boost for the valuation of the Greenback. Simultaneously, the prediction regarding the Advance Retail Sales and Retail Sales exclusive of automobiles posting another expansion by 0.8 percent and 0.7 percent, correspondingly endow security to the valuation of the Greenback.

To portray the comparison, the economic results that are due to be out today are projected to vaguely weaken the British pound. The PPI Input came up at a slow rate of 1.1 percent in contrast to the adjusted 2.3 percent of the prior month. This economic indicator has been consistently falling since December last year. Similarly, the British PPI Output is also slowing down as the recent reading came out at 0.5 percent which is significantly lower than the previous month’s 1.1 percent. Considering these fundamental releases, the Greenback appears to be more attractive compared to the British pound.(Source http://www.forexnews.com)